Hut 8 Announces Its Majority Stake in American Bitcoin (Formerly Known as American Data Center)

Crypto mining and infrastructure firm Hut 8 announced its majority stake in American Bitcoin (formerly known as American Data Center), a company founded by a group of investors that includes Donald Trump Jr. and Eric Trump.

Crypto mining firm Hut 8 is merging its majority-owned subsidiary, American Bitcoin, with its own operations to create a new entity that will also be named American Bitcoin. The firm announced the move in a statement on Wednesday.

The venture is being founded by a group of investors that includes Donald Trump Jr. and Eric Trump, who will be contributing an undisclosed sum to the company. It will also feature an initial management team led by members of the Trump investor group and experienced industry veterans.

The new entity will take over Hut 8’s mining hardware and personnel, while keeping its existing compute segment. It will also inherit an initial BTC balance and a strategic reserve, aiming to become the world’s largest and most efficient pure-play Bitcoin miner.

"This pivotal evolution of our platform strategy brings together the strengths of both organizations to create an industry-leading force in the rapidly growing cryptocurrency market," said Asheer Genoot, CEO of Hut 8.

"We are confident that the new American Bitcoin will be a valuable addition to the investment community."

The move follows Hut 8's recent milestone of surpassing $1B in Bitcoin holdings after acquiring 990 BTC for US$100M at the end of 2024.

According to the press release, the Trump investor group has been assembling a team of experienced industry professionals to manage the operations of the new company.

"We are excited to be working with such a talented and dedicated group of individuals," said a spokesperson for the Trump investor group.

"We believe that the new American Bitcoin will be a best-in-class Bitcoin mining company with a focus on efficiency, sustainability, and innovation."

The announcement follows reports by the Australian Taxation Office (ATO) that it is planning to increase scrutiny of everyday investors in crypto.